HOUSTON, May 12, 2011 (GLOBE NEWSWIRE) -- Bering Exploration, Inc. (Pink Sheets:BERX) announced today that it has entered into a development agreement with a local company to co-develop a prospect that comprises over 1,000 acres near its existing 1,200 acre Eagle Ford prospect. Bering and its partner will each contribute 50% of the cost to develop this property. There are 50 new well locations and an existing 50 well bores that could potentially be rehabbed and brought back into production. The company will initially target the Eagle Ford and Austin Chalk formations.
Bering recently announced that drilling operations have begun on its Gulf Coast prospect with potential revenue valued at $29 million over the life of the prospect. Additionally, Bering announced that it will initially drill four test wells on its Eagle Ford shale play in Central Texas targeting $11 million in gross potential reserves and will utilize the results to help with the design and development of a more in depth drilling program for the remaining 116 potential well locations targeting gross potential reserves of more than $300 million. The figures above are based upon the current price of oil and gas and assume all wells are drilled and successful.
"This new development agreement enables Bering to expand its operations at a lower cost per barrel finding cost," stated Steven Plumb, VP of Finance of Bering. "We are looking forward to quick and rapid development of this acreage. "
About Bering Exploration, Inc.
Headquartered in Houston, Texas, Bering Exploration, Inc. is an independent oil and natural gas company that focuses on identifying, evaluating, developing and acquiring potential natural gas and oil wells in the Gulf Coast onshore region. Additional information about Bering can be found on the web at .
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Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements and are based upon assumptions that management believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of exploration efforts and the timeliness of development activities, leasing of the target acreage, fluctuations in oil and gas prices, access to acquisition and development capital, achieving economically viable wells, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. For additional information about Bering's future business and financial results, refer to Bering's Quarterly Reports on Form 10-QSB and Annual Report on Form 10-KSB and other reports, which are on file with the Securities and Exchange Commission. Bering undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.
CONTACT: Bering Exploration, Inc., Houston Steven Plumb, 713-780-0806 Investors@beringexplore.com